Ssb 2017 ar final web pdf for posting by Southside Bank

2017 ANNUAL REPORT | S OU T HS IDE BANCSHARES, INC.

EXPANDING OUR FRANCHISE

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PLANNING THE FUTURE OF TEXAS BANKING

2017 ANNUAL REPORT Southside Bancshares, Inc.

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DEVELOPING STRONG TEXAS COMMUNITIES

Southside Bancshares Inc | 2017 ANNUAL REPORT

2017 ANNUAL REPORT

Southside Bancshares, Inc.

FROM OUR CEO

DEVELOPING STRONG TEXAS COMMUNITIES

FINANCIAL HIGHLIGHTS

LOCATIONS

EXPANDING OUR FRANCHISE

MEET THE BOARD

PLANNING THE FUTURE OF TEXAS BANKING

FORM 10-K

A Letter from Building Our CEO a Bigger Footprint THE 2017 MERGER:

ur efficienc ratio, a measurement of the efficienc of the overall cost structure, ended the year at a record low of 0. . developing streamlined and automated processes we have been able to enhance the customer experience and quality service levels through multiple delivery channels while containing costs.

Dear Shareholders, Customers and Friends,

Expansion into the SouthEast market of Texas for Southside Bank year culminating We experienced a busy and momentous with record financial results.

Our 865 talented team members produced outstanding by Lisaacross Robertson results our Texas markets in 0 banking locations. We are reminded daily how fortunate we are to operate in a state where families and businesses want to relocate. Our DFW, Austin and East Texas markets continue to experience migration from other states fueling job growth, thanks to the quality of life and businessfriendl environment offered in the state of Texas. The demographics, economic diversity, population and job growth projections in the market areas we serve create optimism about potential future organic growth opportunities.

Nonperforming assets as a percentage of total assets decreased to 0.1 at the end of the ear from 0.2 at the end of 201 . We have been successful redeplo ing cash flow into loans and increasing loans as a percentage of earning assets while maintaining solid credit ualit .

Looking Forward We believe the Tax Cuts and Jobs Act passed in December 201 is a positive for outhside and our customers. Most of the resulting tax savings will be reflected in the bottom line. owever, we will invest a portion of these savings in services;. and an unwavering Southside name, giving bank an WithNovember the merger Southside Bank our the team members andand technolog uccessfull leveraging On 30ofwe completed the acquisition of Diboll commitment to the communities we larger The new bank and Bank and Inc. Trust East and retaining quality people are critical to our tateFirst ancshares, iboll Texas , increasing even the size of footprint.technology are privileged to serve.” is the in thesuccess. state of (FBTET) in 2017, power couple future our franchise to a. new billion. More importantl , weXX arelargest bank With more locations, a flexible was benefiting formed! With combined assets now from the addition of iboll’s Texas. talented team FBTET executive H.J.on “Jay” Shands andexpanded nimble approachDuring and modern of nearly $7B, these twoloan revered 2018, we will again be busy, focused completing members, deposit and relationships and IIIloan shares enthusiasm. technology Southside financial institutions the integration of Diboll, andGibson’s core deposit growth, “We East Texas footprint,have all ofcreated which enhance our future and upgrades, are excited about the opportunity is poised for tremendous success. a strong partnership that enhances further enhancing the customer experience, technology to prospects. I want to welcome our newest shareholders, the join Southside, as both companies both companies and enriches enhancements and continuing our rebranding rollout. former iboll shareholders, to the outhside. We are excited operate strong community banking “The acquisition communities serve. that ou havewe oined the outhside famil . Thank ou for expands and explains. “This merger bolsters our 57-year It presence in the is an honor to be onlymodels,” the thirdhe CEO of Southside Bank is the trust ou have placed in us. for shareholders and East Texas market,” said Prior to the merger, Southside sinceSouthside it was founded ina1great 0. Ioutcome am fortunate to have inherited puts foundation, Southside isfull a strong position for President and CEO Lee Gibson. consisted ofofXX branches a great bank,“Itwith a strong of extremely Highlights a of Record Yearlocated sustainable success term.”the oura core deposit base, in East, Central andnet North Texas, talented team members and directors eagerlong to move We reported record income in 201 of enhances . million, and strong while FBTET operated 17 .branches franchise to team the next level. 10.1 increase over 201 At ear end totallending assets,opportunities loans Overall, this merger leverages the of ratios talented employees. This merger throughout and and depositsEast were all Southeast at record highs. apital remain power and partnership of these createswith a stronger organization Texas. Thelevels merger completed well in capitalized Thank ou for our continued support. well above to was be considered tier two well established East Texas willcapital benefit December and conversion will one capital 2017 to average assets of 11.1 andthat total toall of our customers institutions and ensures long-term through exceptional customer be finalized April 2018. risk weightedinassets of 1 .22 . growth and success for Southside service; an expanded branch and Bank as it grows toward the future. network; more diverse products Each location willcash operate under thecommonATM During 2017 the dividend per share increased LEE R. GIBSON 1 . , to 1.11. resident and hief xecutive fficer

Southside SouthsideBancshares, Bancshares Inc. Inc | 2017 ANNUAL REPORT

Financial Highlights (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

NET INCOME $ 2017

54,312

$ 2016

49,349

PER SHARE DATA Earnings per Common Share (Basic) 2017:

$1.82

2016:

$1.82

Earnings per Common Share (Diluted) 2017:

$1.81

Book Value per Common Share

2016:

2017:

$1.81

$21.55

2016:

$17.71

Cash Dividends Paid per Common Share 2017:

$1.11

2016:

$1.01

Southside Bancshares, Inc. | 2017 ANNUAL REPORT

PERFORMANCE RATIOS Return on Average Assets

Dividend Payout Ratio (Diluted)

Return on Average Shareholders’ Equity

Net Interest Margin

2017: .96% 2016: .94%

2017: 61.33% 2016: 55.80%

2017: 9.65% 2016: 10.54%

2017: 3.07% 2016: 3.26%

(Fully Tax-Equivalent)

BALANCE SHEET DATA

Loans

Noninterest Bearing Deposits

Other Borrowings

2017: $3,294,356 2016: $2,556,537

2017: $1,037,401 2016: $ 704,013

2017: $1,026,859 2016: $1,316,743

Securities

Interest Bearing Deposits

Long-Term Debt

2017: $2,448,261 2016: $2,417,087

2017: $3,478,046 2016: $2,829,063

2017: $158,489 2016: $158,336

Total Assets

Total Deposits

Total Shareholders’ Equity

2017: $6,498,097 2016: $5,563,767

2017: $4,515,447 2016: $3,533,076

2017: $754,140 2016: $518,274

Expanding Our Franchise As a result of our acquisition of First Bank & Trust East Texas we have added 17 branches.

With the acquisition of First Bank & Trust ast Texas T T in 201 , our franchise is stronger and further enhanced by both the quality team members and shareholders that joined us. With combined assets of . , these two revered financial institutions have created a strong team that enhances our company and enriches the communities we serve. Prior to the acquisition, Southside consisted of 43 branches located in East, Central and North Texas, while FB&TET operated 17 branches throughout East and Southeast Texas. The transaction was complete in November 2017 and our core

operating systems will be combined in April 2018. outhside now has a larger footprint. With more locations, a flexible approach and modern technology and upgrades, Southside is poised for tremendous success. “The acquisition expands and bolsters our 57-year presence in the East Texas market,” said Southside resident and ee Gibson. “It enhances our core deposit base, lending opportunities and strong team of talented emplo ees. We now have a stronger organization that will benefit all of our customers through

exceptional customer service; an expanded branch and ATM network; more diverse products and services; and an unwavering commitment to the communities we are privileged to serve. T T executive . . hands III shares Gibson’s enthusiasm. “We are excited about the opportunity to join Southside, as both companies operated strong community banking models, he explains. “This is a great outcome for shareholders and puts Southside in a strong position for sustainable long term success. Overall, this transaction leverages the power and partnership of these two

Southside Bancshares, Inc. | 2017 ANNUAL REPORT

H.J. SHANDS III

egional resident, ast Texas

well established East Texas institutions and ensures long-term growth and success for outhside as it grows toward the future. The acquisition of First Bank & Trust East Texas brought together two successful financial institutions with shared values and common goals. ecognizing the importance of continuity, several executives from FB&TET have retained leadership roles. pecificall , T T resident and , . . hands III assumed the role of egional resident, ast Texas and serves as a director of outhside.

Southside Bancshares, Inc. | 2017 ANNUAL REPORT

LOOKING AHEAD:

Planning the Future of Texas Banking Southside enjoys a solid reputation as a community bank that is responsive to our customersâ&#x20AC;&#x2122; needs. 2017 was a year of continued growth and focus on enhancements to our facilities, technology, marketing and products.

scheduled to be completed by the end of the ear. With a modern, more aesthetically appealing design and layout that better fosters customer interaction, our new lobbies offer comfortable seating, digital signage and customer friendl technolog .

While we are committed to bringing best-in-class technology and innovative solutions to our customers, we are also laser focused on retaining the products and services that have made Southside so popular in the communities we serve.

Enhanced customer service standards better emphasizing personalized interaction were introduced this ear. The bank also unveiled multiple Interactive Teller Machines ITMs , debuted longer customer service hours and upgraded our online and mobile banking applications. ach of these improvements were implemented to enhance the overall customer experience.

Southside began rolling out its rebranding in 201 . A new logo and tagline were incorporated into marketing materials including billboards, websites and print ads. Southside also began connecting with our customers online via popular social media platforms and an educational blog. In addition to rebranding our branches, several locations are being enhanced. o far, seven locations have been completely rebranded and enhanced, with several more

During 2018 we look forward to introducing private banking which will offer individualized service to our high net worth customers. While Southside will never stray from the attentive, friendly service that has become synonymous with our bank, we are becoming equally well known for our innovative approach and d namic products.

To put it simpl , in 2018 and beyondâ&#x20AC;&#x201C;Southside customers will find great new spaces, products and technology with the same familiar, friendl faces. 2017 MOST TRUSTWORTHY FINANCIAL INSTITUTIONS

RESPECTED. RECOGNIZED.

Southside was honored to be chosen as one of Americaâ&#x20AC;&#x2122;s Most Trustworth inancial ompanies in 2017 as selected by Forbes magazine. ach ear, Forbes rates financial institutions based on their transparency, honesty, accounting and governance practices. haring this honor with such well respected companies as Allstate and the artford inancial ervices Group is truly a milestone moment for outhside.

Habitat for Humanity Ft. Worth

Angelina County Youth Fair Lufkin

Santa at the Bank Diboll

Developing Strong Texas Communities Even as we are moving forward, we never forget the importance of giving back.

one of our favorite traditions. The competition is fierce, and the benefit is tangible. This earâ&#x20AC;&#x2122;s event raised funds to ensure that 0 local children en o ed a happier holida .

Southside has a long-standing tradition of giving back to the communities we serve and our state as a whole. Supporting and strengthening the areas we serve is what we believe communit banking is all about.

In addition to helping the organizations in our communities, we also provide assistance directly to individuals and families in need. ince 2011, outhside has partnered with ederal ome oan ank to offer funding for pecial eeds Assistance rogram A grants. These grants provide monetary assistance to low-income, special-needs individuals, allowing them to rehabilitate and repair their home. Through this program, we are able to give a sense of safet and securit to some of those who need it most.

uring the aftermath of urricane arve , we sta ed Texas trong b contributing to the American ed ross and alvation Arm relief efforts. Mone was raised through a combination of employee donations, a dollar-fordollar compan match and additional contributions. In ecember our corporate office held its annual hili ook ff benefiting lue anta, a charit sponsored b the raternal rder of olice. This event has uickl become

FRESH 15 Tyler

Southside Bancshares, Inc. | 2017 ANNUAL REPORT

Reverse JA in a Day Ft. Worth

Texas College Legacy Dinner Tyler

Zero Prostate Cancer Run / Walk - Tyler

JA BowlA-Thon Tyler

Giving back is part of the outhside culture. As we move ahead as a modern Texas community bank, we will continue to honor our tradition of supporting the communities we serve.

Our commitment to communities extends far beyond financial support. ur emplo ees regularl contribute their time and talent to the causes the believe in. This kind of grass-roots community involvement is an essential part of who we are and what we do.

DISCOVERY SCIENCE PLACE

Southside employees enjoy working together for a good cause. Mentoring students through unior Achievement A , volunteering at area food banks and building homes with abitat for umanit are a few of the wa s our employees have partnered to enrich lives throughout orth, ast, outheast and entral Texas.

BANKING ON THE FUTURE

The iscover cience lace is a childrenâ&#x20AC;&#x2122;s science museum located in T ler. outhside has donated a miniature replica of our bank lobb to the museum. This interactive exhibit allows kids to experience what itâ&#x20AC;&#x2122;s like to work at a bank. We encourage kids to harness their imagination in an exciting and memorable wa .

We understand the importance of long-term support and the impact it has on a communit . or man ears, employees have joined together to ring the bell and raise money for Salvation Army, support area schools through school supply drives and volunteer at local sporting events. This t pe of involvement creates stronger communities and an even greater outhside team.

SOUTHSIDE BANK

Locations Across Texas

North Texas Region

East Texas Region

Southeast Texas Region

Central Texas Region

Southside SouthsideBancshares, Bancshares Inc. Inc | 2017 ANNUAL REPORT

OUR NEW LOOK

Main Branch - Tyler, TX

Meet the Board

Joe Norton

John R. (Bob) Garrett

Chairman of the Board

Vice Chairman of the Board

Southside Bancshares, Inc. | 2017 ANNUAL REPORT

DIRECTORS OF SOUTHSIDE BANCSHARES, INC.

B. G. Hartley

Lawrence L. Anderson, MD

S. Elaine Anderson, CPA

Michael J. Bosworth

Herbert C. Buie

Alton Cade

Patricia A. Callan

Lee R. Gibson

Melvin B. Lovelady, CPA

Tony K. Morgan, CPA

John F. Sammons, Jr.

H.J. Shands III

William Sheehy

Preston L. Smith

Donald W. Thedford

M. Richard Warner

hairman meritus

resident

OFFICERS OF SOUTHSIDE BANCSHARES, INC. Lee R. Gibson

President and Chief xecutive fficer

Julie N. Shamburger, CPA r. xecutive ice resident and hief inancial fficer

Brian K. McCabe

r. xecutive ice resident and hief perations fficer

Tim Alexander hief ending

Sandi Hegwood, CPA, CIA

fficer

Senior Vice President and Chief Audit Executive

Suni Davis, CPA hief isk

fficer

April Pugh, CPA

Anne Martinez

Senior Vice President and Controller

Executive Vice President and enior oan eview fficer

Katherine Clover, CPA, CIA

Vonna Crowley, CRCM

Misty de Wet, CPA

Vice President and Senior Internal Auditor

Susan Hill

Vice President and Investor elations

Mary McLarry

Corporate Secretary

Vice President and Senior Internal Auditor

Senior Vice President and ompliance fficer

DIRECTORS OF SOUTHSIDE BANK Tim Alexander*

Tim Carter

Lawrence L. Anderson, MD

Bill Clawater*

hief ending fficer

Physician

S. Elaine Anderson, CPA etired ealthcare xecutive ealthcare onsultant

Michael J. Bosworth President Bosworth & Associates

Peter M. Boyd*

Senior Executive Vice President

Herbert C. Buie

Executive Vice President

Patricia A. Callan Principal Callan Consulting

Chairman of the Board President, Norton Companies

Lee R. Gibson

John F. Sammons, Jr.

President and hief xecutive fficer

Chairman and CEO Mid tates ervices, Inc.

George T. Hall*

Julie N. Shamburger,CPA*

etired anker

George (Trey) Henderson

etired ade uilding Materials

Lonny R. Uzzell*

Joe Norton

Vice Chairman of the Board President, Fair Oil Company

Alton Cade

Tony K. Morgan, CPA Founding Partner Gollob Morgan edd

John R. (Bob) Garrett

B. G. Hartley

Donald W. Thedford

r. xecutive ice resident and hief perations fficer

Senior Executive Vice President and hief redit fficer

President T ler acking o., Inc.

Brian K. McCabe*

r. xecutive ice resident and hief inancial fficer

Chairman Emeritus

H.J. Shands III

egional resident, ast Texas

Owner enderson Mineral, Inc.

William Sheehy etired Attorne

Melvin B. Lovelady, CPA

Preston L. Smith

Investments Financial Planning

President I roduction, Inc.

President onâ&#x20AC;&#x2122;s T Appliance, Inc. Market resident, T ler

John F. Walker, MD* Physician

H. Andy Wall* etired anker

M. Richard Warner

Attorne , etired xecutive Temple Inland, Inc.

John B. White III* etired, Investments

*Advisory Directors

Southside Bancshares, Inc. | 2017 ANNUAL REPORT

OFFICERS OF SOUTHSIDE BANK Lee R. Gibson

President and hief xecutive fficer

Julie N. Shamburger, CPA r. xecutive ice resident and hief inancial fficer

Tim Alexander hief ending

Brian K. McCabe

fficer

r. xecutive ice resident and hief perations fficer

Bill Clawater

r. xecutive ice resident

and hief redit

fficer

East Texas

Central Texas

North Texas

Southeast Texas

Regional President

Market President, Tyler

Executive Vice Presidents

. . hands III

onn

. zzell

Senior Executive Vice President

Jim Alfred

Mark rennan

ohn W. ett h llis Milstead

T. . Arnold Faye Bond Tim Carter Mark undiff Matthew ohfeld

Peter Boyd

Executive Vice Presidents Joel Adams Doug Bolles Pam Cunningham Jared Green Glen Greeney Michael hea Greg Sims

. . hands III

Brad Browder, CFA oe Tre enman III Ernest King, CPA imm Mize Van Watson

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THE 2017 MERGER:

Building a Bigger Footprint Expansion into the SouthEast market of Texas for Southside Bank

by Lisa Robertson

With the merger of Southside Bank and First Bank and Trust East Texas (FBTET) in 2017, a new power couple was formed! With combined assets of nearly $7B, these two revered financial institutions have created a strong partnership that enhances both companies and enriches the communities we serve. Prior to the merger, Southside consisted of XX of branches located in East, Central and North Texas, while FBTET operated 17 branches throughout East and Southeast Texas. The merger was completed in December 2017 and conversion will be finalized in April 2018. Each location will operate under the

Southside name, giving the bank an even larger footprint. The new bank is the XX largest bank in the state of Texas. With more locations, a flexible and nimble approach and modern technology and upgrades, Southside is poised for tremendous success. “The acquisition expands and bolsters our 57-year presence in the East Texas market,” said Southside President and CEO Lee Gibson. “It enhances our core deposit base, lending opportunities and strong team of talented employees. This merger creates a stronger organization that will benefit all of our customers through exceptional customer service; an expanded branch and ATM network; more diverse products Contact Information

2018 outhside ancshares, Inc. All ights eserved.

outhside ancshares, Inc. ost ffice ox 10 Tyler, TX 75710-1079 0 . 1. 111 22

and services; and an unwavering commitment to the communities we are privileged to serve.” FBTET executive H.J. “Jay” Shands III shares Gibson’s enthusiasm. “We are excited about the opportunity to join Southside, as both companies operate strong community banking models,” he explains. “This merger is a great outcome for shareholders and puts Southside is a strong position for sustainable success long term.” Overall, this merger leverages the power and partnership of these two well established East Texas institutions and ensures long-term growth and success for Southside Bank as it grows toward the future. Media Inquiries pr southside.com

Investor Inquiries ir southside.com